IQM Quantum Computers has announced it has upsized its PIPE (Private Investment in Public Equity) following a commitment from Ilmarinen, one of Finland’s largest pension insurance companies.

The funding relates to IQM’s previously announced Special Purpose Acquisition Company (SPAC) merger with Real Asset Acquisition Corp. (RAAQ), and brings total PIPE commitments from new and existing investors to more than $146 million.

This is an increase on the $134m PIPE financing deal IQM disclosed in February 2026 following the announcement of the SPAC merger. The transaction will provide IQM with a pre-money valuation of $1.8 billion, and the listing will see IQM become the first publicly traded European quantum company.

“We’re pleased to see such strong investor demand, particularly with the addition of Ilmarinen,” said Jan Goetz, co-founder and CEO of IQM. “This upsized commitment from one of Finland’s largest private earnings-related pension insurance companies underscores confidence in our technology roadmap and the progress we’re making with our Production Quantum – a model where our customers own the system, operate it, and grow with it. This commitment signals that the market recognizes our product readiness and the real value we’re delivering to customers, tackling some of the world’s most complex problems.”

Founded in Helsinki, Finland, in 2018, IQM brings full-stack quantum computers and applications to HPCs, research institutes, universities, and business enterprises. The company operates quantum data centers in Finland and Munich, Germany, offering cloud-based access to its systems. It has delivered quantum systems to supercomputing centers in South Korea, Poland, Italy, and Taiwan.

The company says it has sold 21 systems to 13 customers to date and has manufactured a total of 30 systems.

Rival quantum computing firms D-Wave, Rigetti, IonQ, and Infleqtion have all gone public via SPAC mergers. Xanadu Quantum is in the process of doing so, while Honeywell-backed Quantinuum is set to IPO in the near future.